Preference for Cultural Goods: Demand and Welfare in the Korea Films Market

34 Pages Posted: 26 Feb 2009

See all articles by Chul Chung

Chul Chung

School of Economics, Georgia Tech

Minjae Song

Bates White Economic Consulting

Date Written: June 11, 2008

Abstract

There is an ongoing debate on whether cultural goods like movies and music albums should be protected from foreign competitors. An implicit assumption under the argument for protection is that consumers easily substitute cultural elements for other product characteristics. In this paper we estimate consumers' willingness to pay for cultural elements using admission data on films in Korea. Our results show that Korean consumers are willing to pay more for home-produced movies compared to imported foreign movies and that cultural preference is one of the key determinants of welfare changes in various trade policy settings.

Keywords: Cultural goods, Cultural preference, Demand estimation, Consumer welfare, Korea films market

JEL Classification: F13, F14, L82, Z1, D12

Suggested Citation

Chung, Chul and Song, Minjae, Preference for Cultural Goods: Demand and Welfare in the Korea Films Market (June 11, 2008). Simon School Working Paper No. FR 08-23, Available at SSRN: https://ssrn.com/abstract=1349988 or http://dx.doi.org/10.2139/ssrn.1349988

Chul Chung

School of Economics, Georgia Tech ( email )

781 Marietta St., NW
Atlanta, GA 30332-0615
United States

Minjae Song (Contact Author)

Bates White Economic Consulting ( email )

1300 I Street NW
Washington, DC DC 20005
United States
2027471404 (Phone)

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